How Easy is it to Sell my Property in Phuket, Exit Strategy?
Is it Easy to Sell my Property in Phuket, Exit Strategy?
Formulating an exit strategy for each property you buy just takes a few minutes of careful consideration. It is essential to formulate an exit strategy before you buy property, together with a timeframe. This will influence a number of decisions that are subsequently made in relation to property investment making it easier to sell your property in Phuket. Buying and selling your Phuket real estate for a profit just takes some forward planning.
Pricing your home or condominium correctly and maintaining it are key to success in selling you property in Phuket.
The exit strategy and timeframe should in turn influence a number of important decisions. For instance, it should influence the manner in which the sale and purchase contract is drafted with the inclusion of certain contractual clauses. For example, if the strategy is to purchase an "off-plan" property and exit the investment by selling at a profit before construction is completed (speculating), the agreement must contain the relevant assignment clause that gives you the authority to transfer ownership of the asset before taking formal possession. How easy is it to sell my property in Phuket, depends on your planning and foresight.
Knowing in advance your exit strategy will almost certainly influence the choice of ownership structure for the property you are buying. For example, typically a pure investor with a short hold time will opt for a leasehold structure for tax advantages.
The timeline for your exit strategy is also useful to periodically monitor the investment. For instance, a "buy - hold - sell" strategy for the purpose of capital appreciation might become "buy - hold - rent" due to an unfavorable sales environment. Another example, a "buy - rent - sell" strategy with a 3-year timeline that might be extended to a 5 year if yields and property values are rising. If you purchase your property as freehold you want to stay in it for at least five years to avoid capital gains tax in Thailand known as the specific business tax (3.3%).
Gaining popularity is the "buy - rent - retire" strategy as more and more articles are published about the positive benefits of retiring in the land of smiles. This would eliminate the need to sell your property.
Thus, it is important to formulate an exit strategy before you buy property together with a timeframe. The exit strategy and timeframe should influence a number of decisions that are subsequently made in relation to your property investment.
A good realtor will ask you these questions to help you form a proper exit strategy to meet your investment needs.
At Phuket Realtor, we would be happy to help you with this and all the things necessary in this market. Call us today +66 93 606 0906 for more information on an exit strategy or to sell your property in Phuket.